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CMI Unit 704 Developing Organisational Strategy Level 7 Assignment Answers UK
CMI Unit 704 Developing Organisational Strategy Level 7 Assignment Answers UK
CMI 704 Developing Organizational Strategy is an exciting course that provides students with the skills to map out the long-term plans of any organization. By taking this course, you will gain an understanding of the key strategic models used in many industries and determine an action plan for moving toward an ultimate goal.
A deep dive into the processes of strategic management, such as evaluating portfolios and markets, gathering research and data, making decisions, and finally creating actionable plans ensures that by taking this course, you emerge a more informed professional ready to take on challenges within your organization.
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In this section, let’s dive into some assignment activities:
CMI 704 Learning Outcome 1: Understand how to develop strategy.
Developing an effective strategy requires strong research, analysis, and understanding of the problem at hand. It’s a comprehensive process that takes time to master, but once it is done, it can provide insights for decision-makers to truly understand the challenges and generate positive solutions. It includes informed decision-making on goal setting, exploring available options, and then crafting plans to reach those goals. To ensure success with your strategy, always think long-term: analyze all risks involved, conduct thorough research and solicit feedback from stakeholders whenever possible before committing to any decisions.
AC 1.1 Critique the factors which drive the development of organizational strategy.
The development of organizational strategy is an essential aspect of business success, and its success lies in recognizing the unique factors that drive it. At the core, external factors such as macroeconomic shifts, shifts in technology, customer expectations, and socio-cultural changes must be considered when crafting overall organisational strategy. These outside forces can have profound impacts on areas such as product design, marketing plans, and operational services. Examining internal capabilities is also vital for a successful strategy to be formed.
This requires taking stock of financial resources, personnel skills, facilities, and manpower levels to ensure appropriateness with the proposed external objectives. In addition, aligning a company’s mission statement or goal with the proposed external forces provides further clarity about which direction to take moving forward in terms of future planning. In all scenarios, remaining open to change and exploring an organisations competitive edge is paramount when forming strategic goals and objectives.
AC 1.2 Critically appraise approaches for the development of strategy.
Critical appraisal of approaches for the development of strategy is essential to ensure that strategies are practical and achievable, as well as able to meet the organisation’s desired outcomes. Systematic approaches to developing strategy involve research of the external environment, industry analysis, and evaluation of internal capabilities, followed by the generation of strategic alternatives, selection of preferred options, and implementation planning. Such a process is lengthy and its success depends on an accurate assessment by managers in order to make sound decisions.
Strategic options must be realistic with achievable objectives within constrained resources. Additionally, monitoring and feedback mechanisms are necessary to evaluate progress against set performance criteria in order properly amend the selected approach when needed. Hence, critical appraisal is an ongoing process requiring significant effort yet it is fundamental to guarantee the successful execution of strategies.
AC 1.3 Discuss the challenges of developing and leading organizational strategy.
Developing and leading organizational strategy is no small task. It requires a holistic knowledge of the marketplace, budgeting, resource allocation, and strategies necessary to achieve success within an organization. Strategic leadership must be able to anticipate future challenges such as economic downturns or changing trends within the industry in order to respond appropriately. Leading an organization also includes articulating a vision and direction while inspiring a team to follow that mission, which can often be difficult due to resistance from within.
Managing stakeholder expectations is another challenge faced by strategic leaders, as it requires finding the correct balance between meeting company objectives and satisfying those with vested interests in the organization’s wellbeing. All of these factors require tremendous effort and acumen on the part of any leader attempting to develop an effective organizational strategy.
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CMI 704 Learning Outcome 2: Know how to develop strategy.
Developing an effective strategy is a necessary component for success. Done correctly, it can help to provide clarity and direction in all aspects of the organization and ultimately contribute to overall growth. Strategies should be based on research and understanding of the goals and examined thoroughly to ensure that they are realistic and achievable. Once complete, they should also be open to review and adjustment as needed in order to remain competitive in the changing market.
AC 2.1 Develop an organizational strategy to achieve a business objective.
Developing an effective organizational strategy is essential to achieving any business goal. To set the foundation for success, careful consideration and thorough analysis are necessary to explore objectives, resources, and market landscape. Prioritizing tasks and establishing a timeline for completion can then guide the organization’s efforts going forward. Every strategy should be tailored to the specific requirements of the business objective at hand and developed in close collaboration with stakeholders to ensure it is effective and achievable. By taking these steps consistently, organizations can set themselves up well to successfully meet their business objectives.
AC 2.2 Recommend an approach to implement and monitor the strategy to ensure its success.
Successful strategy implementation requires careful planning and monitoring. To ensure the success of any strategy, it is important to develop a comprehensive timeline for its execution, with each step clearly determined. This timeline can include milestones or deliverables so that progress toward the overall goal can be measured. Additionally, it is essential to select metrics that will demonstrate progress in achieving the goals of the strategy. Finally, regular communication between stakeholders should occur as part of the monitoring process and provide a platform for opinions and feedback. The combination of these three approaches—realistic timelines, metrics, and honest dialogue—will ensure success when implementing a strategic plan.
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